Urban convenience, low maintenance, designed for an active lifestyle; it’s no wonder condo developments are increasing in popularity. You may have noticed that new condo developments are often for sale before construction is complete, or in some cases before it even begins.
There are some important purchasing factors to take into account when deciding between a pre-construction or under-construction condo. There are no specific rules to follow in your purchasing decision, but it’s important to note some distinct advantages to both options.
If time is on your side, purchasing new provides unique flexibility that you cannot find when purchasing an already under construction condo. Pre-construction condos typically take around 12 months to complete. Timelines can sometimes extend toward the 18-month mark with seasonal delays. But if time is less of a factor there are some fantastic benefits to a new, pre-construction purchase.
For starters, there’s choice. Purchasing a brand new condo often gives you the flexibility to choose your location within the building or condo community before construction has even begun. You can have first dibs on selecting the floor plan and layout of your home. There are also fantastic opportunities to customize with building options and upgrades before construction begins.
What’s more is that pre-construction purchasing often also comes with a cheaper price depending on market conditions, and that’s a rather enticing prospect! While buying new provides fantastic flexibility, purchasing a pre-construction condo ensures convenience.
Purchasing a condo already under construction is common among homebuyers. One of the biggest perks of purchasing a condo in this state is convenience. With your new home well on its way to completion, you can immediately begin the transition process. Barring any unexpected delays you should be able to lock in your closing date and begin the downsize from the old family home or upgrade from rental living.
Purchasing a condo already under construction also provides the added benefit of exploring the community, amenities and building design before moving in. Is it a pet-friendly development? Is there adequate storage space? Do the condo services and amenities fit with your active, come and go lifestyle? These are all good questions to ask while walking around the development.
While layouts and community design are already set in stone by the time construction is underway there are still opportunities to work with builders on the finishes of your new home.
It Comes Down To Personal Preferences
When it comes to purchasing a new or pre-construction condo - there is no right or wrong answer. At the end of the day, it may come down to practicality. What is your timeline? What are your priorities?
Condo living is growing in popularity among millennials and retirees alike. For some, it’s the opportunity to shed the mortgage attached to that large, detached family home. For others it’s a lifestyle decision; moving closer to work, to friends, to play. While there are some definite pros and cons to weigh when you make your decision, it’s certain that you’ll be satisfied in the end.